Central Bank of India waives NEFT transactions charges up to Rs 1 lakh

Central Bank of India has waived off the transaction charges for National Electronic Funds Transfer (NEFT).  The bank has made all NEFT transactions up to Rs 1 lakh free from levy of any charges with effect from July 01, 2012. The bank has taken this step with a view to promote payments through electronic mode so as to increase efficiency and reduce cost by realizing the potential of technology and rationalization of charges.

NEFT is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the scheme.

Central Bank of India was the first Indian commercial bank, which was wholly owned and managed by Indians. Central Bank of India holds a very prominent place among the Public Sector Banks on account of its network of 3,656 branches and 178 extension counters at various centers throughout the length and breadth of the country.